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20121205
20121213
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: if this is not addressed in the fiscal cliff debate, will it come up in the debt ceiling debate? guest: all of this depends on how the fiscal cliff sorts itself out. yesterday, you have senators say we want on income benefits extended. if the fiscal cliff debate is only limited to tax rates and deficit reduction, and not the debt ceiling, this will come up again. president obama once the debt ceiling to be part of this agreement. the reason why is simple, because that is where republicans have leverage in february. he needs republicans to extend the debt ceiling for the government to function with all going into default. republicans know this, and in theory they could separate the two to maximize their leverage. host: time for a couple more calls in this segment of the "washington journal," we will continue the unemployment insurance discussion in the following segment. laura is in louisville, kentucky, on the independent line. caller: good morning. what bothers me is when people say they actually can not find work and they have been on unemployment for 20 months, whatever they can get, and i will tell you
tax. host: how would you compare the current talks to july 2011 and the debt limit, fiscal cliff, sequestration -- guest: the debt limit talks definitely set the stage for this. they were not completely without value. i get the sense it is a lot more serious now. it has almost been like a year- and-a-half long negotiation. with the real deadline being the expiration of the bush tax cuts at the end of this year. to some extent, now they're getting to the real deadline and it is more serious. host: have you written one of the, if we go over the cliff, this is what happens-type article? guest: yes. people would probably start feeling it in their paychecks pretty quickly. never mind what it means to the broader economy. it will hit. it will hurt a lot of people. if we did not change the law and it went one month, two months, three months, it could lead to another recession because there be such a sharp drop in people's incomes and it would be spending less. that would not be good for businesses. i do not think that is quite to happen. -- going to happen. host: caller, last word with
reducing the deficit and the debt and the current issue is the fiscal cliff. that would be the worst fiscal policy put in place since the great depression when we put an austerity policy in place to send and through the country back into recession. the idea that we have got into a debate as to how to reduce the deficit is wrong. we say don't reduce the deficit now this fast. that is what the fiscal cliff is all about and that's why ben bernanke cannot put the phrase. guest: as exactly right, we have two very different problems. the only reason we're talking about the second issue is politics. this is the politics of the moment tromping economic common sense which is a dangerous combination. guest: the fiscal solution is a fig leaf to allow members of congress to say we're going to spend so the spending cuts and tax increases and let the deficit be $500 billion higher. host: the debt is at $16.30 trillion and has increased $4 trillion over the last four years. the present and congress will say that over the next 10 years, we will get it back to where was in 2009, correct? guest: that is fund
that in the summer of 2011, we nearly went over the fiscal cliff by not paying our debts. that caused our bonds to be downgraded because we had an element within the republican conference that was willing to take us to the cliff and hold us hostage. when you look back and see historically that the debt ceiling was raised 17 times, under ronald reagan and eight times under george h. w. bush canada seven times under bill clinton and six times under george w. bush, really it is honoring the full faith and credit of the u.s. government. , iaching that to a debt understand ideologically why people might want to do that, but why would you take the nation to this process? there was a passage of a special select committee. that select committee, if it did not respond with further cuts and tax increases, would seek a so-called sequestration comoe spending domestic and military spending. already in congress we obscene that while the cuts have been made on the military side, some would say there's more to come and on the domestic side and others would argue there's more to come there, the cuts have been s
of santa barbara. we have gone over the fiscal cliff here in california. we are billions of dollars in debt. democrats and the labor unions are bankrupting this state. if the democratic party is so good, then why are we bankrupt? don't you think it's time the unions, instead of spending billions of dollars on political campaigns give that money back to the membership so they can maybe pay their own wages and tax bears and people like me that live on fixed incomes don't have to be taxed out of our homes and lose the money we have worked hard to make? guest: you have worked hard. number one, i cannot comment on the california situation. i just don't know enough about it. reports are that things are starting to turn around a little over there. it's tough to pass a budget if when you have the fiscal majority requirement. second, how we got here, it's not unions. wages for americans have been going down the past 115 years. people are not keeping up with inflation. the average american worker has taken a 2011 pay cut when you compare what they made 10 years ago to what they're making now. -- $200
different groups to the white house to talk to the president's economic advisers. related to the fiscal cliff, the last eight or nine meetings. and business leaders representing 32 states we have brought to the white house. the message they're getting is pretty consistent with simpson- bowles and with fixing the debt and with how the business relationship is characterized in the media. they're anxious for debt deal, because they want certainty as quickly as possible. they tend to use simpson-bowles as their frame of reference. the question is not whether it's the democratic or republican plan is better, is which plan is closer to simpson-bowles. host: here is the hill newspaper -- guest: well, [indiscernible] what we do is bring business leaders from around the country to brief the president and his economic team, on health care reform to immigration reform, the fiscal cliff, intellectual property protection. and the business leaders are speaking for themselves. generally speaking, business leaders are centrists, data driven, results oriented. they are looking for compromise in washingt
Search Results 0 to 5 of about 6